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Northern Property REIT Announces Renewal of Normal Course Issuer Bid

CALGARY, Aug. 1, 2014 /CNW/ - Northern Property Real Estate Investment
Trust ("NPR") today announced that the Toronto Stock Exchange ("TSX")
has approved its notice of intention to renew a normal course issuer
bid ("NCIB") for its trust units ("Units") as appropriate opportunities
arise from time to time. NPR's NCIB will be made in accordance with the
policies of the TSX. NPR may purchase Units during the period from
August 6, 2014 to August 5, 2015, or an earlier date should NPR
complete its purchases. NPR will pay the market price at the time of
acquisition for any Units in accordance with the rules and policies of
the TSX and applicable securities laws. Purchases under the NCIB will
be funded out of NPR's working capital. Although NPR has a present
intention to acquire Units, it is not obligated to make any purchases
pursuant to the NCIB. NPR has acquired 232,100 of its own Units within
the last 12 months with a weighted average unit price of $27.31.

As at July 31, 2014 NPR has 31,790,580 issued and outstanding Units, of
which the public float is 30,955,865 Units. NPR is authorized to
purchase, in a 12 month period, up to 3,095,587 Units, representing 10%
of its public float, through the facilities of the TSX and other
Canadian trading platforms. On any trading day, NPR will not purchase
more than 12,474 Units, which is equal to 25% of NPR's average daily
trading volume over the last six months, except where such purchases
are made in accordance with the block purchase exemptions under the TSX
rules.

NPR believes that from time to time market prices of its Units do not
reflect their underlying value. NPR will purchase the Units for
cancellation with the intention of increasing the proportionate
interest of all remaining unitholders.

A copy of NPR's notice of its intention to make a NCIB filed with the
TSX can be obtained from the corporate secretary of NPR without charge.

About NPR
The REIT is an unincorporated open-end real estate investment trust. NPR
is primarily a multi-family residential real estate investor, providing
a broad spectrum of rental accommodations in Canadian secondary markets
with strong economic fundamentals where capitalization rates are
somewhat higher and competition somewhat restrained. NPR's residential
portfolio is comprised of a multi-family segment: apartments, town
homes and single family rental units; and execusuites and hotels, where
the rental periods range from a few days to several months. NPR also
has a portfolio of commercial buildings focused on government tenancies
predominantly located in Canada's far north. Geographically, NPR
operates in British Columbia, the Northwest Territories, Alberta,
Saskatchewan, Nunavut, Quebec and Newfoundland and Labrador.

Caution about forward looking statements
This news release contains forward‐looking statements relating to NPR's
intention with respect to the NCIB and acquisition of Units. These
statements are not guarantees of future events, performance or results
and will not necessarily be accurate indications of whether, or the
times at which, such events, performance or results will be achieved.

Forward-looking statements are based on information available at the
time they are made, underlying estimates and assumptions made by
management and management's good faith belief with respect to future
events, performance and results, and are subject to inherent risks and
uncertainties surrounding future expectations generally which could
cause actual results to differ materially from what is currently
expected. Such risks and uncertainties include, but are not limited to
risks associated with investment in and development of real property,
competition, financing and refinancing risks, risks related to economic
conditions, changes in taxation rules, reliance on key personnel,
environmental matters, tenant risks, and other risk factors more
particularly described in the our most recent Annual Information Form
available on SEDAR at www.sedar.com.